VPower Group Announces Positive Profit Alert, Net Profit Expects to Grow Significantly by over 70%

indie 25 1 月

2 minutes

HONG KONG, Jan 25, 2021 - (ACN Newswire) - VPower Group International Holdings Limited ("VPower Group", stock code: 1608.HK) has announced a positive profit alert that the net profit of the company for the year ended 31 December 2020 is expected to increase by more than 70% as compared with that of HK$283.6 million for the year of 2019. The expected increase is mainly attributable to the growth of both the power system integration (SI) business and the Investment, Building and Operating (IBO) business, and the significant contribution from VPower Group's joint venture, CNTIC VPower Group Holdings Limited ("CNTIC VPower"). VPower Group's potential should be on investors' watch. CNTIC VPower is a 50-50 joint venture of VPower Group and China National Technical Import and Export Corporation ("CNTIC") established last year to jointly develop Myanmar's first batch of liquified natural gas (LNG)-to-Power projects, and provide one-stop LNG solution integrating LNG import, logistics, storage and regasification to the country. These projects have an aggregate installed capacity of 1,059.5MW, which exceeded the total capacity of all projects invested by VPower Group in the past few years. Up...

Verofax Winner of Bahrain Islamic Bank’s ‘BisB Innovation Challenge’

indie 25 1 月

5 minutes

BAHRAIN, Jan 25, 2021 - (ACN Newswire) - Bahrain Islamic Bank (BisB), a leading Bank in the Arab Gulf region, has announced Verofax as winner of the 'BisB Innovation Challenge', a Fintech Competition run as part of the Bank's partnership with 'FinHub 973: CBB (Central Bank of Bahrain) Digital Lab', the Kingdom's open application programming interface (API) innovation platform. Verofax, a mature and enterprise-ready service provider, was selected after rigorous screening to ensure a solution with the requisite level of feasibility and security to maintain the confidentiality and security of customers' financial data.Verofax, founded by Wassim Merheby, and technology partner Turnkey Lender proposed a unique approach in emerging as the Fintech with potential to build the most promising Proof of Concept (PoC) for the sought solution. Verofax offered a PoC for a credit scoring solution, incorporating alternative and unstructured datasets, to improve the Banks speed and breadth of its financial services to existing and new clients. The credit scoring solution will constitute a platform that uses adaptive machine learning and sophisticated AI (Artificial Intelligence) to empower the Bank'...

Deutsche Bank probing sales of investment banking products

elean 25 1 月

2 minutes

FRANKFURT (BLOOMBERG) - Deutsche Bank said on Sunday (Jan 24) it was conducting an internal investigation following a Financial Times report describing bank employees in a profit sharing scheme that sold people risky investments they didn't understand. "We initiated an investigation in relation to our engagement with a limited number of clients," a bank spokesman said in a statement. "We cannot comment on details until all aspects of the investigation are complete." He declined to confirm anything in the FT report or to answer additional questions from Bloomberg News. According to the FT report, Deutsche Bank began looking into the actions of some employees following client complaints last year. The inquiry originally focused on a desk in Spain that sells hedges, swaps and derivatives, but the investigation ultimately stretched across Europe. The probe, which had the code name Project Teal, found the bank had wrongly categorized client firms under the Markets in Financial Instruments Directive rules, which require banks to separate their clients by levels of financial sophistication, the FT said. The bank believes some of its employees knowingly sold unsuited products to customers ...

Top 20 hedge funds earned most in a decade for clients last year

elean 25 1 月

3 minutes

BOSTON (REUTERS) - The world's 20 best-performing hedge funds earned US$63.5 billion (S$84.3 billion) for clients in 2020, setting a record for the last 10 years during a chaotic time when technology oriented stocks led a dramatic rebound from a pandemic induced sell-off, LCH Investments data show. As a group, the most successful managers earned half of the US$127 billion that all hedge funds made last year, LCH Investments, a fund of funds firm that tracks returns and is part of the Edmond de Rothschild group, reported. Despite the pandemic that triggered a historic stock market sell-off in March, shut down large sectors of the economy and swallowed up millions of jobs, the 20 best hedge funds topped their 2019 returns of US$59.3 billion. That was despite 2020 not being as profitable as the previous year for hedge funds as a whole, which saw earnings fall from US$178 billion in 2019. The average hedge fund returned 11.6 per cent in 2020, according to Hedge Fund Research data, lagging behind the S&P 500 index' 16 per cent gain. "The net gains generated by the top 20 managers for their investors of US$63.5 billion were the highest in a decade. In that sense, 2020 was the year of the...

SGX-listed OIO Holdings names Rudy Lim as CEO of its Blockchain Subsidiary

indie 25 1 月

4 minutes

SINGAPORE, Jan 25, 2021 - (ACN Newswire) - OIO Holdings Limited (SGX: OIO) announced the appointment of Rudy Lim, former Head of FinTech at DBS Bank, as Chief Executive Officer (CEO) of its Blockchain Division, OIO Singapore Pte Ltd. The appointment of Rudy, a FinTech expert, is expected to further accelerate OIO's blockchain business.Rudy has been a vocal advocate of the challenges traditional banks are facing and the need for significant transformation as the digital economy emerges. Driven by this foresight, he led Fintech innovation projects across various departments at DBS such as analytics, market research, and partnerships, which aligned with establishing a leading bank in Southeast Asia, and he played an active role within the Fintech ecosystem.As the Head of FinTech at DBS, Rudy launched "Startup Xchange" to facilitate startups in co-creating solutions to DBS business challenges, enabling them to match and value-add the bank and also its potential corporate clients. Since its pilot in 2018, Startup Xchange has successfully conducted over 40 proofs-of-concept with startups across the bank and successfully rolled-out more than 20 emerging technology solutions.Prior to his c...

China’s growing power scaring ordinary savers out of Hong Kong

elean 25 1 月

7 minutes

HONG KONG (BLOOMBERG) - It was the freezing of bank accounts that changed Dan's mind. The Hongkonger, a finance worker in his early 50s, watched China tighten its grip on the city over the past few years with growing nervousness. Yet as a self-described apolitical person - he hadn't attended any of the protests that hit the city in 2019, for example - he wasn't really worried about being personally affected. Then last month, banks including British lender HSBC Holdings froze the account of former lawmaker Ted Hui after he went into exile in the UK with his family. A church that helped protesters also had its account suspended. "It's a game changer," Dan, who asked that only his first name be used because he is fearful of repercussions of speaking publicly, said. He's now in the process of moving about US$100,000 (S$132,800) - most of his savings - to an account in Canada, leaving only a small amount in Hong Kong to cover daily expenses. "Unusual in the breadth of potential offences" The Hong Kong police cited money laundering as the reason for requesting the accounts be frozen, putting into sharp focus just how vast the powers wielded by police could be in the wake of the sweeping ...

Online fashion retailer Boohoo to buy Debenhams brand: FT

elean 25 1 月

2 minutes

BENGALURU (REUTERS) - Online fashion retailer Boohoo Group is set to acquire collapsed British department store group Debenhams in a cut-price deal that will result in the closure of the group's remaining department stores, the Financial Times reported on Sunday (Jan 24). The purchase price is expected to be about £50 million (S$90.7 million) and a deal could be announced in the next few days, the newspaper reported, citing two people with knowledge of the transaction. Boohoo and Debenhams declined to comment on the FT report. Debenhams was continuing to engage with a number of third parties regarding the sale of all or parts of the business, administrator FRP Advisory said earlier this month. The Daily Telegraph reported last month that Authentic Brands, owner of the New York department store brand Barneys, was plotting a takeover of Debenhams and was in talks with its administrators. Administrators for Debenhams said in December it would be wound down, closing all its shops after 242 years in business and putting 12,000 jobs at risk amid the Covid-19 pandemic. More on this topic Related Story Debenhams set to shut shop after 242 years as coronavirus pandemic hammers British retai...

China was largest recipient of foreign direct investment in 2020

elean 25 1 月

2 minutes

BEIJING (REUTERS) - China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in US$163 billion (S$216.5 billion) in inflows. China's US$163 billion in inflows last year, compared to US$134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday (Jan 24). In 2019, the US had received US$251 billion in inflows and China received US$140 billion. China's economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-stricken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated. China's gross domestic product grew 2.3 per cent in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year. The world's second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fro...

Morning Briefing: Top stories from The Straits Times on Jan 24

aseanpr 24 1 月

2 minutes

Good morning! Here are our top stories to kick-start your Sunday, Jan 24. S'poreans react to new rules ahead of CNY: Some disappointed while others welcome restrictions Some think the added curbs are necessary while others find them too restrictive. READ MORE HERE 50,000 jobseekers hired by 14,000 firms under Jobs Growth Incentive About 50 per cent of the new hires were aged 40 and over. READ MORE HERE Stricter measures ahead of CNY disappointing, but S'pore must remain vigilant: PM Lee He noted that the recent community cases are a reminder that the war against Covid-19 is far from over. READ MORE HERE More on this topic Related Story ST newsletters: Get alerts on the latest news Singapore passport renewals down with travel unlikely amid Covid-19 Demand for travel insurance products has also taken a hit. READ MORE HERE Carnival firm Uncle Ringo stepping back into the game after year of sorrow Last month, Uncle Ringo reopened in a small space at the Social Innovation Park in Punggol. READ MORE HERE US talk show legend Larry King dies at age 87 The former CNN interviewer had been hospitalised with Covid-19 in Los Angeles. READ MORE HERE Covid-19 magnifies underlying problems that ne...

50,000 hired by 14,000 firms in Jobs Growth Incentive scheme

aseanpr 24 1 月

4 minutes

A billion-dollar scheme to help employees shift from businesses that were downsizing due to the pandemic, to sectors that are continuing to expand, has seen 50,000 local hires by 14,000 firms in its first month alone. Around half of the new hires were also aged 40 and over, with Manpower Minister Josephine Teo describing these preliminary figures as a good start for the Jobs Growth Incentive (JGI), which was launched in September. Top hiring sectors included food services, wholesale trade, professional services, construction and education. "We will continue to profile sectors that are hiring, and will start with food services, which saw a pickup in hiring activities as Singapore enters phase three of its reopening," said Mrs Teo, highlighting that there were over 9,200 openings in the sector available on government jobs portal MyCareersFuture.sg as at end-December. Slightly more than a third are PMET - professional, manager, executive and technician - roles with salaries of up to $6,500. The JGI scheme aims to spur firms to hire more locals, with $1 billion set aside for wage support. Firms that hire local workers from last September till the end of next month receive a subsidy of ...

Worrying times for maritime front-liners in midst of Covid-19

aseanpr 24 1 月

1 minute

Every time harbour pilot Jimmy Koh boards an incoming vessel to help guide it through Singapore's port waters, he is overcome by a nagging worry that he might catch Covid-19 from its foreign crew. "Due to the nature of our job, we are required to board all vessels arriving in Singapore. Hence, we are a little worried as we are facing an invisible enemy," he said. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

Food service sector picks up with more than 9,200 job openings

aseanpr 24 1 月

3 minutes

The food service sector is continuing to pick up speed with its hiring, with over 9,200 job openings posted as at end-December on the MyCareersFuture portal, said the Ministry of Manpower (MOM). Around 37 per cent of these jobs are for professionals, managers, executives and technicians (PMETs) and include roles such as food and beverage managers and sales, marketing and business development managers. Roles for non-PMETs include cooks, waiters, bartenders and baristas. "Non-PMET food service roles have low barriers to entry and companies are able to provide flexible working hours," said the MOM on Friday. "The sector is open to hiring workers of different profiles, including older workers, students looking for part-time jobs and even caregivers who are looking for flexible work arrangements." Salaries can range from $1,600 to $2,000 for waiters and go up to $6,500 for sales, marketing and business development managers. But the sector can also become more attractive to locals, as companies transform operations through digitalisation and create enhanced job roles, Manpower Minister Josephine Teo told a briefing on the sidelines of a visit to food services firm Select Group on Friday....

Home-based business owners share experiences at job fair

aseanpr 24 1 月

3 minutes

Last April, while working from home during the circuit breaker, Ms Andini Muslim and her husband decided to start their own home-based business, selling sweet and savoury treats such as cookies and meatballs. What started off as a side hustle has now become her main focus, after the 42-year-old was laid off from her job in the service engineering industry last month. Hers was among four home-based businesses at a jobs and skills fair at Wisma Geylang Serai yesterday, with the owners sharing their experiences and looking to inspire others to pursue their interests and start their businesses. Said Ms Andini: "Initially, I was scared to start the business. But my husband, my brothers and sisters encouraged me, and said that if I kept saying that I was scared, I would never start a business. "So I said, okay, let's go." She added: "Now as a home-based business, I know that it's tough and there's a lot of hard work. But when people tell you that your food is very nice, and they repeat orders, I feel very satisfied." Some 20 exhibitors had booths at the Jobs and SkillsFuture fair, held in partnership with continuing education and training organisation Mendaki Sense, the Employment and Em...

The risk of getting a big loan to fund retirement

elean 24 1 月

1 minute

Want a passive income of more than $1 million by making a relatively low cash investment of less than $200,000? Roll right up, have we got a deal for you. You can supposedly achieve this dream retirement plan by using other people's money such as a bank loan of about $500,000. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

More whistle-blowing in US – from home

elean 24 1 月

1 minute

You would think that working from home means less trouble at work and less office politics. But the work-from-home phenomenon has triggered fresh frustration for US corporations: workers there are blowing the whistle on their employers like never before. The US Securities and Exchange Commission (SEC) received 6,900 tips alleging white-collar malfeasance in the fiscal year that ended Sept 30, a 31 per cent jump from the previous 12-month record. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

More whistle-blowing in US – from home

elean 24 1 月

1 minute

(BLOOMBERG) - You would think that working from home means less trouble at work and less office politics. But the work-from-home phenomenon has triggered fresh frustration for US corporations: workers there are blowing the whistle on their employers like never before. The US Securities and Exchange Commission (SEC) received 6,900 tips alleging white-collar malfeasance in the fiscal year that ended Sept 30, a 31 per cent jump from the previous 12-month record. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

Insure for protection, not because it’s ‘free’

elean 24 1 月

1 minute

Is there such a thing as a fully refundable insurance policy that will pay you back every cent you have put in, if you do not make a claim? Well, yes, if you believe some of the videos circulating on social media. One of these videos explains how the "policy" works: Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

North West CDC raising $2 million to help retrenched residents

aseanpr 23 1 月

3 minutes

SINGAPORE - The Community Development Council (CDC) for Singapore's north-west region is raising at least $2 million to help laid-off residents amid the coronavirus pandemic. MP of Marsiling-Yew Tee GRC and Mayor of the North West CDC, Mr Alex Yam, announced this on Saturday (Jan 23). He said schemes emerging from the CDC's fund-raising efforts will make sure people do not have to wait for approval under existing government programmes, which could take too long. He said: "Government schemes will remain the bread-and-butter, but we want to be able to plug the gap in terms of timeliness and urgency. "As we look ahead, we are hopeful that the economy will stabilise a little bit more, but (this is) in case there are still more people who may face retrenchments or termination due to the economic downturn." Mr Yam was speaking during the WeCare @ North West-Service Weeks campaign, into its eighth year, this year. From Jan 6 to Feb 7, festive packs containing foods worth $50 such as soya milk powder, instant noodles, coffee, sunflower oil and oatmeal will be given to some 20,000 residents living in rental units. Corporate volunteers will also install appliances in some households. Gain Ci...

M3 initiative in Geylang Serai to encourage lifelong learning, promote healthy lifestyle

aseanpr 23 1 月

2 minutes

SINGAPORE - Programmes promoting healthy lifestyles, encouraging lifelong learning and building a caring community - these are what the M3 initiative looks to bring to Geylang Serai. The ninth M3 town in Geylang Serai was launched on Saturday (Jan 23), in conjunction with Wisma Geylang Serai's second anniversary, and seeks to be a pillar of support for the community. The M3 initiative is a tie-up between the Islamic Religious Council of Singapore (Muis), self-help group Mendaki and the People's Association Malay Activity Executive Committees Council. The M3 @ Towns provides a platform for volunteers and professionals to work together to serve the needs of residents. Other towns in the programme include Bedok and Jurong. Speaking at the launch on Saturday, South East District Mayor Fahmi Aliman spoke about the three key areas of focus for the M3 programme in Geylang Serai and expressed his happiness to see young volunteers coming on board. The outreach volunteer team looks to visit homes in the vicinity on a bi-weekly basis, he noted. In addition, it will conduct quarterly recruitment drives for volunteers and conduct training for these volunteers to help them best serve the communi...

Licence of pleasure craft suspended after people filmed partying near Lazarus Island on Boxing Day

aseanpr 23 1 月

3 minutes

SINGAPORE - A pleasure craft's licence has been suspended by the Maritime and Port Authority of Singapore (MPA) over an incident on Boxing Day last year that allegedly broke safe distancing rules. This included having more than five people in a group. In a statement on Saturday (Jan 23), MPA said the Advant's licence will be suspended for 30 days over the Dec 26 incident near Lazarus Island. MPA said preliminary investigations revealed the number of passengers on the craft was more than the maximum group size of five that was allowed at the time. Singapore entered its third phase of reopening on Dec 28, which allowed up to eight people for social gatherings. The craft had been chartered for a social gathering and there was co-mingling among the individuals on board, based on the investigations which is still ongoing. Photos and videos of the incident were posted on social media on Dec 26, showing at least 10 men and women dancing without masks. MPA added that further action may be taken against anyone found to have breached the law. "MPA reminds all pleasure craft owners and operators to adhere strictly to the safe management plan they have submitted for their business operations, ...

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